The Design 41 loan illustrates Pensam's role in the region.

"This loan is representative of our focus on supporting local real estate sponsors in South Florida, and our ability to create uniquely flexible financing solutions across all asset types that meet our client's needs," Ray Cleeman, Pensam Funding principal and head of capital markets, said in a news release.

The bridge loan will help pay off a $28 million loan and build out some of the tenant units. Terms were not disclosed.

The 48,000-square-foot Design 41 is west of the Florida East Coast Railway tracks on the southeast corner of Northeast 41st Street and First Avenue at 112 NE 41st St.

By the end of October, the retail occupancy was 58% with three signed tenants, and office occupancy was 68% with four signed tenants. Office space is available on the fourth floor and part of the fifth floor. The offices have access to balconies and terraces.

Some of the ground-floor retail tenants are Bond No. 9 fragrance store and Miami-based art dealer Inigo Philbrick. Upper-floor tenants include couture wedding dress and luxury apparel retailer Galia Lahav and an office for New York-based investment company HPS Investment Partners LLC.

"This is a trophy asset with tremendous upside potential located in one of the most desirable neighborhoods in Miami," Cleeman said.